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S&P 500 : Short To 1735

ByCarol Harmer
Published 10/18/2013, 07:32 AM
Updated 07/09/2023, 06:32 AM

S&P as I said yesterday, we would prefer to be short here unless we break above 1735. Only then will the market regain strength and trade higher. I have had to Fib extension here as we have no upside data. As your can see from the Pivot Point analysis, 1735 is also our R1, so this is going to be quite an important level.

If we do break, we have to go with it as we have the 1740/45 resistance looking to entice. Look at our R2 which comes in at 1743. I looks like we are going to see the market do a bit of correction once and if we get to these levels we might go higher. Technically we remain strong though overbought.There is no sign that the market is failing just yet. We obviously are going to see retracements, but until we see a clear picture emerge that the market is going to fail, we need still to buy dips. This, of course, is where your pivot points and Fib retracement will be worth their weight in gold.

The trending indicators I use are slow moving and are just starting to show there might be a trend in the S&P to the topside. I use these usually as a reverse indicator, but am aware of them just the same. We need a move back below 1727 to see us correct today, this would leave 1721 as a target.
S&P 500 Technicals

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